The non-partisan nonprofit Better Markets, which lobbies for more stringent financial regulations, has submitted a comment letter to the Securities and Exchange Commission (SEC) urging the agency to deny several pending applications for a Bitcoin-trading ETF, or exchange-traded fund, a product strongly desired by crypto proponents. 

Better Markets' CEO and co-founder, Dennis M. Kelleher, argues in the letter that the SEC's approval of a spot Bitcoin ETF would pose a "grave threat" to investors, unleashing "...a speculative, volatile, and socially useless financial product on tens of millions of American investors and retirees." 

The SEC's approval of the spot Bitcoin ETF would set a dangerous precedent, Kelleher wrote, making it harder for the agency to win future legal …